Every month it seems there is a new and unique way to utilize technology to make our lives easier – from the robot vacuum that will give you a spotless floor, to a water bottle that simply reminds you to take a sip. When it comes to your personal finances, however, robotic management is a reasonably new concept, that may seem like a big leap of faith.

You may be asking yourself “What is a robo-advisor, exactly?” and the answer is fairly straightforward.

There are many reasons that someone might need life insurance – maybe it is to secure a loan, to cover your mortgage in the event you predecease your spouse, or to preserve your estate from the erosion caused by final taxes. Many of these insurance needs can be properly covered by term insurance, but there are some that will require permanent coverage since term policies become increasingly expensive over the years, and most terminate in your 80’s.

A financial plan is a tool and, just like any other instrument in your life, should take into account all of the aspects of your situation – the good, the bad, and sometimes, the unfortunate! Considering the important questions about your financial future, which we wish we had a crystal ball for, will put you ahead of the majority of those that do not have a financial strategy in place. Before you know it, your plan looks better every year, and an ideal retirement is in sight; but an unexpected change can cause everything to fall flat.

Many of us have heard of or even own critical illness insurance on our own lives because we recognize the financial impact it could have – our healthy spouse will likely take time off of work, we may need to hire extra help around the house for our kids, we possibly need to travel to find the best care, or maybe the drugs or treatments are not covered. But many of us have not considered the impact of one of our kids having an illness. I can almost guarantee you haven’t considered buying this coverage for your kids or grandchildren as a gift! It’s hard to think about anything bad happening to our kids, but the reality is it happens and when it does, the financial impact could be catastrophic. All of the expenses listed above would continue to be a reality, but to add to it, there would probably be a drop in both parent’s incomes.

The process of applying for insurance isn’t always a fun one; there’s a lot of discussion, questions, fact checking, poking, prodding and signing. In the end, you’re usually happy the process is over and you can rest easy knowing you and your family are protected. But what happens when the insurance company just says “no”?